Decided to Sell Your Maspeth, New York Restaurant?

After years of hard work, you have decided to sell your Maspeth, New York restaurant

Contemplating opening a different Maspeth, New York restaurant, moving, or maybe slowing down. No matter the reason, selling your Maspeth, New York restaurant can be a lot more complicated than you may think. Thats because it takes careful preparation and a solid strategy to successfully get out with enough money for all the sweat you may have put into it.

Necessary Steps to Take in Selling Your Restaurant

You may either think to hire a Maspeth, New York restaurant broker to assist you in selling your Maspeth, New York restaurant or take on the task yourself. If you are considering selling your Maspeth, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Gather any Important Documentation

This is an important initial step to take when you commence the process of offering your Maspeth, New York restaurant.

The necessary paperwork may vary from state to state--even in New York, but the following is a list of some general documents you may find helpful to have prepared:

• A list of your assets
• Lease document
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documentation
• Architectural plan
• Financial statements and other important financial documents

Corbett Restaurant Group comes with expertise to help you in the market for sale of your Maspeth, New York restaurant. Call today for a no-obligation consultation at (888) 266-5182.

It's probably best not to reveal all these documents to a potrntial buyer right away. However, you may want to have them ready because you will certainly need them during the sales process.

In addition, compiling these documents allows you to see your Maspeth, New York restaurant through the lens of a buyer. It provides you a clear image of the Maspeth, New York restaurant you're offering for sale. In addition, it helps you identify if there are any areas you will have to take care of.

#2 Put Your Financials in Order

Your financial records are an important part of selling your Maspeth, New York restaurant. This is the reason you should strive to make your documents complete and organized.

Showing your financial records to possible buyers may aid clear any doubt they might have concerning your Maspeth, New York restaurant.

These financial records can include:

• Inventory of equipment and assets
• Profit and loss statements
• Tax records
• Cash transactions
• Bank statements

Also, make sure you have soft copies of all of the records. This could make it easier for you to send the documentation to prospective buyers.

Likewise, as a seller, you have to disclose information including debts, owed taxes, expected repairs, etc. Failure to inform a buyer regarding these items could create legal problems for you if a buyer later discovers these liabilities after sealing the deal.

#3 Organize the Information On Your Commercial Lease

In the process of preparing to sell your Maspeth, New York restaurant, you need to understand of your commercial lease. It could be devestating if, after attracting a buyer, your lease prevents you from closing the deal.

For this reason, it is advisable to talk to your landlord regarding your plan to sell your Maspeth, New York restaurant and to potentially extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will often request an in-depth evaluation of your financials, whether favorable or not, this helps with estimating the true value of the Maspeth, New York restaurant.

This will be in your best interest to ensure that you increase sales and make a reduction in your expenses to build up your cash flow planning to sell your Maspeth, New York restaurant.

The average time it takes to sell a Maspeth, New York restaurant is 6 months. Within the six months, there is a lot you can do in order to strengthen your profit and reduce several costs, and therefore strengthen the worth of your Maspeth, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually estimate your assets.

This will assist you in coming up with the overall worth of your Maspeth, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Attractive

The appearance of your Maspeth, New York restaurant could go a great distance in helping you attract potential buyers. Conversely, if the overall look of your Maspeth, New York restaurant does not look good to buyers, they likely take a pass right off the bat.

To avoid this from happening, all things in and out of your Maspeth, New York restaurant must be clean. Manicured and a clean parking area may help create curb appeal for potential buyers.

Clean windows, polished door handles and a clean floor are also easy things that would help create a memorable first impression.

Additionally, you should make sure all the equipment is in satisfactory condition. If your equipment is not working, it can send the message that you're in a hurry to pass a bad deal to the buyer.

Non-functional equipment could raise doubt about your financial status and production capabilities. It could even dampen the mood of your employees, and in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers concerning purchasing your Maspeth, New York restaurant.

#7 Search for Maspeth Buyers

Looking for potential buyers can be time-consuming and often requires specialized skills and a certain level of expertise. This may require that you hire a professional Maspeth, New York restaurant broker to help. A professional Maspeth, New York restaurant broker will offer recommendations for saving time & money for attracting more potential buyers. However, if you decide to take on this project alone, you will need to create proper advertising. You can show your Maspeth, New York restaurant on listing websites and let your family and friends know about your intentions to market for sale your Maspeth, New York restaurant.

As you will probably come across competition when trying to sell your Maspeth, New York restaurant, you need your restaurant to stand out.

#8 Be Prepared

Whether you decide to sell your Maspeth, New York restaurant yourself, or through a Maspeth, New York restaurant broker, you need to always be prepared. Be prepared to show your Maspeth, New York restaurant to prospective buyers at all times.

You never know when a buyer will visit your Maspeth, New York restaurant. Some buyers may even visit as customers in order to perform some research before contacting you.

#9 Sell Your Maspeth, New York Restaurant

This is the final action to take following a successful negotiation with a buyer. This stage involves the presentation of the necessary paperwork to complete the contract. The paperwork often start with the Asset Purchase Agreement.

You may need your attorney’s assistance in drafting this document. Involving an attorney is recommended to ensure the Asset Purchase Agreement covers every detail of the deal.

This document includes details such as the selling price of your Maspeth, New York restaurant, items and equipment as well as inventory value.

Choosing a Maspeth, New York Restaurant Broker

Although attempting to sell your Maspeth, New York restaurant on your own can be an exciting project, it can also be quite risky, especially for first-timers.

The fact remains, in order for you to get the most from of the business deal, you need some level of expertise to stand out against your cometitors while trying to attract buyers.

Expertise is also vital during negotiations with potential buyers. This is where an experienced Maspeth, New York restaurant broker comes in. A Maspeth, New York restaurant broker has the resources, experience and strategy needed to easily take on the task of selling your Maspeth, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and for more money.

With the assistance of a Maspeth, New York restaurant broker, you can maintain your undivided attention on operating your Maspeth, New York restaurant and rest easy with the knowledge that a professional is in charge of selling your Maspeth, New York restaurant.

Contact a Maspeth, New York Restaurant Broker

Deciding to sell your Maspeth, New York restaurant through a Maspeth, New York restaurant broker has many advantages. First, however, you need to select the best Maspeth, New York restaurant broker to assist you in selling your Maspeth, New York restaurant.

At Corbett Restaurant Brokers, we consider it our duty to represent you in the sale of your Maspeth, New York restaurant. And, we work harder than any other Maspeth broker to secure the best deal for your restaurant and at the highest sale value.

Contact Corbett Restaurant Group today and let us help you sell your Maspeth, New York restaurant for a great price.

Maspeth Zip Codes We Support: 11378